- Summary:
- Crypto.com has just obtained regulatory approval to offer services in Cyprus. We tell you what informed the move and why it matters.
Crypto.com has obtained regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) to operate in the country. With this approval, Crypto.com will be able to provide its consumers in Cyprus with a comprehensive product and service offering that complies with the country’s laws.
Why Crypto.com is prioritizing regulatory licensing
In recent times, Crypto.com has been working hard to secure regulatory approvals in Europe and Asia. There has been a long-term market decline that has resulted in severe losses for investors. Digital assets and exchange platforms need these clearances in order to gain investor confidence. Furthermore, it symbolizes the growing adoption of crypto by the mainstream markets. Also, it is a sign that governments are increasingly embracing the role of digital assets in the global economy.
“Europe is a priority location for Crypto.com and our continuing expansion in the market is a tribute to our commitment to compliance and collaboration with regulators,” said Kris Marszalek, Co-Founder and CEO of Crypto.com.
Today’s news comes on the heels of Crypto.com’s registration with the Hellenic Capital Market Commission in Greece. Also, the company registered with the Organismo Agenti e Mediatori (OAM) in Italy. In addition, the Monetary Authority of Singapore granted the company in-principle approval for a Major Payment Institution License last month. In addition, the Dubai Virtual Assets Regulatory Authority has granted it a preliminary clearance for its Virtual Asset License.
As more economies become accommodative of digital currencies, there are growing calls for stricter regulations. The collapse of LUNA proved to the market that even the so-called “stablecoins” are not so stable after all. Reports of recent bankruptcies in key crypto companies like 3AC and Celsius has only added fuel to the fire. Going forward, many countries are likely to develop their regulatory frameworks for digital assets. Therefore, Crypto.com is creating a stable foundation for expansion as regulations take effect.